Can an entrepreneur, setting up another retail store that would retail multiple product brands (consumer durables) differentiate himself from the rest of the pack? Yes, he or she can! Here are a few :
- Customer Service Experience and Engagement
In a market that is short of retail brands that focus their energies on servicing the customer, pricing is often viewed as the only 'Reason to Buy'. Customers will seek out those retailers who offer the best deals or the lowest prices. While this is great for the customer, a new entrant will find it difficult to compete against the bigger chains on the pricing front because of a multiple of reasons, chief amongst them, the economies of scale versus a startup's need to recoup the costs of starting up. It requires one to then focus on other aspects of the buying experience to differentiate oneself. The 'focus' must be on delivering an experience that overcomes the pain points that a potential customer experiences at your competitor's, from the moment a customer interacts with your Brand to post purchase or visit.
- Focus on a Segment of customers or categories that are not catered to by the big boys
Could be the bottom of the pyramid or the top of it.These segments of the pyramid may have their own unique needs and aspirations that have not been catered to by the mainstream. Be attentive to these needs that can be as simple as getting rid of a barrier in access,(finance) to satisfying an aspiration for a certain lifestyle
Be present in smaller towns or cities where the big boys have not yet set shop.Be the first mover and learn faster than the big boys.
No comments:
Post a Comment